China unveils revised consumer price basket, citing shift to services and new consumption goods

Beijing introduced the detailed content of China’s consumer price index (CPI) basket for the first time, with significant changes emphasizing services and innovative consumption items. The recalibration of the basket aimed to lower the weight of food prices to 17.2% and housing to 22.1%, while raising the proportions of transport and communications to 14.3%, education, culture, and entertainment to 11.4%, and healthcare to 8.9%. No specific comparison to 2020 data was given to gauge the adjustments. Explaining the revision, the National Bureau of Statistics (NBS) stated, “This adjustment aligns with evolving resident consumption patterns, enhances the CPI’s representativeness, and better…